BAW Development has closed $ 94 million in funding for the redevelopment of the historic Hinchliffe Stadium project in Paterson, it recently announced.
Funding for the Hinchliffe Stadium District Restoration Project, which includes sports facilities, a restaurant, senior housing and more, comes from a combination of private loans, tax credits and other vehicles, BAW said in a press release. This includes a $ 60 million construction loan from Goldman Sachs, $ 10 million in tax credits from US Bancorp Community Development Corp. and $ 21 million in tax credits from four community development entities.
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“When it comes to a project of this nature, there is no doubt that it takes a strong team to put all the pieces in place, and we are extremely grateful to the diverse group of funding partners who have come together. brought together to finance the reimagining of this historic project. site, ”BAW founder Baye Adofo-Wilson said in a prepared statement. “Given the challenges of the past year, moving this long-awaited infrastructure project forward has required a very complex and creative funding structure on all parties. The successful closures are a testament to our partners’ belief in seeing the future of not only Hinchliffe Stadium, but the wider impact it will have for the entire Town of Paterson.
The funding was managed by BAW’s partner on the project, RPM Development Group.
“The Hinchliffe Stadium District Restoration Project is a unique project that required a remarkably creative fundraising strategy,” RPM’s Joe Portelli said in a statement. “We had to deepen the community development toolbox. It was impressive how our 10 partners – four public entities and six private institutions – were able to work with us to navigate various regulations, program rules and approval timelines to execute this funding. “
The project began in mid-April, construction is expected to take around 18 months, and completion is expected in fall 2022. BAW said the project will create around 94 temporary construction jobs, with the completed development creating around seven full-time and 30 part-time jobs. permanent jobs on time.